Discussion
GTIR said:
If you live in Jersey but work in the UK you'll pay Jersey tax.
If you work in the UK but Live in Jersey and have a UK bank account you'll pay Jersey tax.
If you have a bank account in Jersey but work and live in the UK you'll pay UK tax.
I'm guessing all the above by the way.
One other thing to get a jersey bank account to qualify for the lower tax rate you have to own a property. Thing is you cannot buy one until you have lived on the Island for IIRC 7 years and then it's like £700k for a 3 bed semi. If you work in the UK but Live in Jersey and have a UK bank account you'll pay Jersey tax.
If you have a bank account in Jersey but work and live in the UK you'll pay UK tax.
I'm guessing all the above by the way.
Welshbeef said:
One other thing to get a jersey bank account to qualify for the lower tax rate you have to own a property. Thing is you cannot buy one until you have lived on the Island for IIRC 7 years and then it's like £700k for a 3 bed semi.
I understand there is an open and closed housing market, the open is more expensive thou.. You can still by a house thou.Mr XXXX said:
I've been researching this lately.
Would you qualify for high value residency OP?
You'd need to be prepared to purchase a property in the 'K' bracket, usually around the £1M mark and commit to paying £125,000 per annum in income tax, as well as a few other factors.
The property will start at £1m+.Would you qualify for high value residency OP?
You'd need to be prepared to purchase a property in the 'K' bracket, usually around the £1M mark and commit to paying £125,000 per annum in income tax, as well as a few other factors.
Have a look at Guernsey, We have no cap gains, IHT, VAT, Tax at 20% flat on worldwide income.
No minimum Imcome tax requirement.
You would need to live in open market property, priced from £850,000 (though you can rent, prices from £35k p/a)
Its also nicer than Jersey.
Jersey tax is 20% but you still get a few allowances so can be less. You do declare interest on your tax form. No CGT so play shares for small profits rather than a bank account and pay nothing….
SOme of this will sound negative but its not - I love it here but it's important you know !
Immigration is managed by Property - pretty stupid really (skills would be smarter). You have a-h cat houses (local places for local people) an j cat properties. If you are high level accountant/lawyer/banker/government/healthcare the company may have some available. They allow you to buy a a-j house (as a share transfer) but if you lose your j cat you can't live in it or rent it out. So in effect pointless….
Property is pretty crap – nothing to rent at the mo. Same houses for sale last year with unrealistic prices being asked though deals can be had. Rental places are often shabby. We pay £1400 for a-h 2 bed flat 20min walk from town.
There are unqualified housing but they never get sold and rental houses are snapped up at big money by Polish and Portuguese (Maderans actually) who share.
final cat is k-cat which is high net worth individuals typically people worth £10m plus and limited number to make it work.
We went to Guernsey for the weekend - quainter in and St Peter's Port is much much prettier than St Helier which is build up and ugly. But I would run out of things to do pretty quickly - Jersey has better beaches, better surf, better restaurants from what I have seen. Oh and Jersey are better at Rugby…. Prices on many things are a rip off as GST is 15% less than VAT but they happily charge you UK prices and GST is on food too and most things imported from UK it's a squeeze on living costs.
It is a bit insular and they will not explain the differences - but once you get through the barriers it's great. Work ethic is pretty relaxed, crime very low, odd chav but harmless, streets cleaned daily.
And as this is pistonheads – 40mph max limit. I gave up my Lotus for fear of frustration
A tip is come late in the year get a holiday place they let on the off season and look for a house feb-apr often people leave the island when bonuses aren't paid and tax years end. Much better availability.
SOme of this will sound negative but its not - I love it here but it's important you know !
Immigration is managed by Property - pretty stupid really (skills would be smarter). You have a-h cat houses (local places for local people) an j cat properties. If you are high level accountant/lawyer/banker/government/healthcare the company may have some available. They allow you to buy a a-j house (as a share transfer) but if you lose your j cat you can't live in it or rent it out. So in effect pointless….
Property is pretty crap – nothing to rent at the mo. Same houses for sale last year with unrealistic prices being asked though deals can be had. Rental places are often shabby. We pay £1400 for a-h 2 bed flat 20min walk from town.
There are unqualified housing but they never get sold and rental houses are snapped up at big money by Polish and Portuguese (Maderans actually) who share.
final cat is k-cat which is high net worth individuals typically people worth £10m plus and limited number to make it work.
We went to Guernsey for the weekend - quainter in and St Peter's Port is much much prettier than St Helier which is build up and ugly. But I would run out of things to do pretty quickly - Jersey has better beaches, better surf, better restaurants from what I have seen. Oh and Jersey are better at Rugby…. Prices on many things are a rip off as GST is 15% less than VAT but they happily charge you UK prices and GST is on food too and most things imported from UK it's a squeeze on living costs.
It is a bit insular and they will not explain the differences - but once you get through the barriers it's great. Work ethic is pretty relaxed, crime very low, odd chav but harmless, streets cleaned daily.
And as this is pistonheads – 40mph max limit. I gave up my Lotus for fear of frustration
A tip is come late in the year get a holiday place they let on the off season and look for a house feb-apr often people leave the island when bonuses aren't paid and tax years end. Much better availability.
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